Summer is just around the corner. But are you ready – not only for the beach weekends, family vacations, 4th of July festivities and kids’ camps, but also for all the expenses that tend to heat up over the season?
While summertime can be packed with fun, it can also put a major dent in your wallet. In fact, according to LendEDU, summer is the second most expensive season of the year, only slightly less than winter (which includes gift-giving holidays like Christmas).
So, knowing that your expenses are about to climb along with the temperature, how can you enjoy everything that summer has to offer without breaking the bank? Here are some key spending triggers to watch for:
- Travel Plans? It’s no secret that vacations can be expensive. According to a recent NerdWallet survey, Americans are planning to spend an average of $2,523 on their vacations in summer 2019. And the cost of travel doesn’t stop at big-ticket items like airfare, hotels, car rentals and gasoline. Getting there is just the beginning – so be sure to plan properly and budget for other items like meals and snacks, clothing, admission tickets, tours and sightseeing, and souvenirs. Otherwise, you can wind up taking home a whopping credit card bill in addition to all those happy memories.
- School’s Out! All kids look forward to summer vacation, but boredom can set in easily if they don’t have anything constructive to do. Summer camps can be expensive, as are summer learning programs (according to Care.com, day camps average $314 a week, sleep-away camps $768 a week, and specialty camps between $500 and $1,000 a week). For working parents with younger children, day care may also become a necessary expense.
- And So Is the AC. When it comes to home or car repairs, Murphy’s Law often applies – and the most expensive fixes need to be made at the most inopportune times … like the air conditioning in your home or car going kaput on the hottest day of the year. For those unwanted and unexpected expenses, be sure to set aside an emergency fund to help you stay cool.
Create a Budget and Control Your Spending
With these summer spending triggers hitting you from all angles, it’s important to plan ahead. Financial tools, such as Axiom Bank’s AxiomGO mobile app, can help you set measurable marks for smart saving and spending.
The My $ Manager function allows you to input your goals and track your progress. You can even create individual spending buckets, such as vacation, entertainment, groceries, and summer camps, and set a limit for each. The function also automatically tallies money from that category and alerts you when you’re reaching the limit you set.
While you can’t predict every expense, creating a solid financial plan will help you savor the season instead of stressing over it. Building a realistic budget helps you bring on the barbecues and beach trips with confidence – and make this summer one to remember for years to come.
